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Aussie bond futures opened weak and....>

AUSSIE BONDS: Aussie bond futures opened weak and have clung to their lows for
most of the day, currently trading at 97.21, down 3bps. The Sep 26 low comes in
just below current levels at 97.20.
- 3-year futures have also come under pressure, shedding 2bps to trade at 97.870
marking fresh monthly lows. 
- The 3s-10s curve has steepened another 1.4bps to 71.4bps despite edging back
in from early highs. The yield curve is at its steepest level in 7-months. 
- The AU-US spread has risen from last week's lows and sits at -46.70bps. The
real yield spread is at -23.75bps, testing 2015 levels, even as Aussie inflation
expectations continue to underperform.
- The weakness comes as AOFM sold AUD500mn in 2.75% 21 Nov 2028 bonds today
which received 4.94 times the amount of debt offered compared with the last 5
auction average of 4.3.

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